Intrinsic value of Healthcare Services Group - HCSG

Previous Close

$52.92

  Intrinsic Value

$130.07

stock screener

  Rating & Target

str. buy

+146%

Previous close

$52.92

 
Intrinsic value

$130.07

 
Up/down potential

+146%

 
Rating

str. buy

We calculate the intrinsic value of HCSG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.77
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  1,563
  1,952
  2,399
  2,906
  3,473
  4,100
  4,787
  5,533
  6,336
  7,195
  8,110
  9,078
  10,099
  11,171
  12,295
  13,470
  14,695
  15,972
  17,300
  18,682
  20,118
  21,611
  23,162
  24,774
  26,450
  28,192
  30,004
  31,890
  33,854
  35,899
  38,031
Variable operating expenses, $m
 
  1,502
  1,845
  2,234
  2,669
  3,150
  3,677
  4,249
  4,865
  5,525
  6,226
  6,965
  7,748
  8,571
  9,433
  10,334
  11,274
  12,253
  13,272
  14,333
  15,434
  16,580
  17,770
  19,006
  20,292
  21,629
  23,019
  24,466
  25,972
  27,541
  29,177
Fixed operating expenses, $m
 
  254
  261
  267
  274
  281
  288
  295
  302
  310
  317
  325
  334
  342
  350
  359
  368
  377
  387
  396
  406
  417
  427
  438
  449
  460
  471
  483
  495
  508
  520
Total operating expenses, $m
  1,445
  1,756
  2,106
  2,501
  2,943
  3,431
  3,965
  4,544
  5,167
  5,835
  6,543
  7,290
  8,082
  8,913
  9,783
  10,693
  11,642
  12,630
  13,659
  14,729
  15,840
  16,997
  18,197
  19,444
  20,741
  22,089
  23,490
  24,949
  26,467
  28,049
  29,697
Operating income, $m
  118
  196
  294
  405
  530
  670
  822
  989
  1,169
  1,361
  1,566
  1,788
  2,018
  2,259
  2,512
  2,777
  3,053
  3,341
  3,641
  3,953
  4,277
  4,615
  4,966
  5,330
  5,709
  6,104
  6,514
  6,942
  7,387
  7,850
  8,334
EBITDA, $m
  126
  204
  303
  415
  542
  682
  836
  1,004
  1,185
  1,380
  1,587
  1,806
  2,038
  2,281
  2,536
  2,803
  3,082
  3,373
  3,675
  3,990
  4,317
  4,658
  5,011
  5,379
  5,762
  6,160
  6,574
  7,005
  7,454
  7,921
  8,409
Interest expense (income), $m
  1
  0
  2
  4
  6
  8
  11
  14
  17
  20
  24
  28
  32
  36
  41
  45
  50
  56
  61
  67
  72
  78
  85
  91
  98
  105
  113
  120
  128
  136
  145
Earnings before tax, $m
  120
  196
  292
  402
  525
  662
  812
  975
  1,152
  1,341
  1,542
  1,760
  1,986
  2,223
  2,471
  2,731
  3,003
  3,286
  3,580
  3,886
  4,205
  4,536
  4,881
  5,239
  5,611
  5,999
  6,402
  6,821
  7,258
  7,714
  8,189
Tax expense, $m
  43
  53
  79
  108
  142
  179
  219
  263
  311
  362
  416
  475
  536
  600
  667
  737
  811
  887
  967
  1,049
  1,135
  1,225
  1,318
  1,414
  1,515
  1,620
  1,728
  1,842
  1,960
  2,083
  2,211
Net income, $m
  77
  143
  213
  293
  383
  483
  593
  712
  841
  979
  1,126
  1,285
  1,450
  1,623
  1,804
  1,994
  2,192
  2,398
  2,613
  2,837
  3,070
  3,312
  3,563
  3,824
  4,096
  4,379
  4,673
  4,980
  5,299
  5,631
  5,978

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  92
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  528
  545
  669
  811
  969
  1,144
  1,335
  1,543
  1,767
  2,007
  2,262
  2,532
  2,817
  3,116
  3,430
  3,757
  4,099
  4,455
  4,826
  5,211
  5,612
  6,028
  6,461
  6,910
  7,378
  7,864
  8,369
  8,896
  9,443
  10,014
  10,608
Adjusted assets (=assets-cash), $m
  436
  545
  669
  811
  969
  1,144
  1,335
  1,543
  1,767
  2,007
  2,262
  2,532
  2,817
  3,116
  3,430
  3,757
  4,099
  4,455
  4,826
  5,211
  5,612
  6,028
  6,461
  6,910
  7,378
  7,864
  8,369
  8,896
  9,443
  10,014
  10,608
Revenue / Adjusted assets
  3.585
  3.582
  3.586
  3.583
  3.584
  3.584
  3.586
  3.586
  3.586
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
  3.585
Average production assets, $m
  29
  35
  43
  52
  63
  74
  86
  100
  114
  130
  146
  163
  182
  201
  221
  242
  265
  287
  311
  336
  362
  389
  417
  446
  476
  507
  540
  574
  609
  646
  685
Working capital, $m
  314
  277
  341
  413
  493
  582
  680
  786
  900
  1,022
  1,152
  1,289
  1,434
  1,586
  1,746
  1,913
  2,087
  2,268
  2,457
  2,653
  2,857
  3,069
  3,289
  3,518
  3,756
  4,003
  4,261
  4,528
  4,807
  5,098
  5,400
Total debt, $m
  0
  47
  101
  162
  230
  306
  389
  479
  576
  680
  791
  907
  1,031
  1,160
  1,296
  1,438
  1,586
  1,740
  1,901
  2,067
  2,241
  2,421
  2,609
  2,803
  3,006
  3,216
  3,435
  3,663
  3,900
  4,147
  4,404
Total liabilities, $m
  190
  236
  290
  351
  419
  495
  578
  668
  765
  869
  980
  1,096
  1,220
  1,349
  1,485
  1,627
  1,775
  1,929
  2,090
  2,256
  2,430
  2,610
  2,798
  2,992
  3,195
  3,405
  3,624
  3,852
  4,089
  4,336
  4,593
Total equity, $m
  339
  309
  379
  460
  549
  648
  757
  875
  1,002
  1,138
  1,283
  1,436
  1,597
  1,767
  1,945
  2,130
  2,324
  2,526
  2,736
  2,955
  3,182
  3,418
  3,663
  3,918
  4,183
  4,459
  4,745
  5,044
  5,354
  5,678
  6,015
Total liabilities and equity, $m
  529
  545
  669
  811
  968
  1,143
  1,335
  1,543
  1,767
  2,007
  2,263
  2,532
  2,817
  3,116
  3,430
  3,757
  4,099
  4,455
  4,826
  5,211
  5,612
  6,028
  6,461
  6,910
  7,378
  7,864
  8,369
  8,896
  9,443
  10,014
  10,608
Debt-to-equity ratio
  0.000
  0.150
  0.270
  0.350
  0.420
  0.470
  0.510
  0.550
  0.580
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  143
  213
  293
  383
  483
  593
  712
  841
  979
  1,126
  1,285
  1,450
  1,623
  1,804
  1,994
  2,192
  2,398
  2,613
  2,837
  3,070
  3,312
  3,563
  3,824
  4,096
  4,379
  4,673
  4,980
  5,299
  5,631
  5,978
Depreciation, amort., depletion, $m
  8
  8
  9
  10
  11
  13
  14
  15
  17
  19
  20
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
Funds from operations, $m
  -12
  151
  222
  303
  394
  495
  606
  727
  858
  997
  1,146
  1,303
  1,470
  1,645
  1,828
  2,021
  2,221
  2,430
  2,648
  2,874
  3,110
  3,354
  3,609
  3,873
  4,149
  4,435
  4,733
  5,043
  5,366
  5,702
  6,053
Change in working capital, $m
  -53
  55
  64
  72
  81
  89
  98
  106
  114
  122
  130
  137
  145
  152
  160
  167
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  303
Cash from operations, $m
  41
  96
  159
  231
  314
  406
  509
  621
  744
  875
  1,017
  1,166
  1,325
  1,493
  1,669
  1,854
  2,047
  2,249
  2,459
  2,678
  2,906
  3,142
  3,389
  3,644
  3,911
  4,187
  4,475
  4,775
  5,087
  5,412
  5,750
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
New CAPEX, $m
  -5
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
Cash from investing activities, $m
  -6
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -89
  -93
  -98
  -104
  -109
Free cash flow, $m
  35
  86
  147
  217
  298
  388
  488
  599
  718
  847
  986
  1,132
  1,288
  1,453
  1,627
  1,808
  1,998
  2,197
  2,403
  2,619
  2,843
  3,076
  3,318
  3,570
  3,831
  4,104
  4,387
  4,682
  4,988
  5,308
  5,641
Issuance/(repayment) of debt, $m
  0
  47
  54
  61
  68
  76
  83
  90
  97
  104
  110
  117
  123
  130
  136
  142
  148
  154
  160
  167
  173
  180
  187
  195
  202
  210
  219
  228
  237
  247
  257
Issuance/(repurchase) of shares, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  9
  47
  54
  61
  68
  76
  83
  90
  97
  104
  110
  117
  123
  130
  136
  142
  148
  154
  160
  167
  173
  180
  187
  195
  202
  210
  219
  228
  237
  247
  257
Total cash flow (excl. dividends), $m
  44
  133
  201
  279
  366
  464
  571
  689
  815
  951
  1,096
  1,249
  1,412
  1,583
  1,762
  1,950
  2,146
  2,351
  2,564
  2,786
  3,016
  3,256
  3,505
  3,764
  4,034
  4,314
  4,606
  4,909
  5,226
  5,555
  5,898
Retained Cash Flow (-), $m
  -43
  -62
  -71
  -80
  -90
  -99
  -109
  -118
  -127
  -136
  -145
  -153
  -161
  -170
  -178
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -298
  -311
  -323
  -337
Prev. year cash balance distribution, $m
 
  92
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  163
  130
  199
  277
  365
  463
  571
  688
  815
  952
  1,096
  1,250
  1,413
  1,585
  1,764
  1,953
  2,149
  2,354
  2,567
  2,789
  3,020
  3,260
  3,509
  3,769
  4,038
  4,319
  4,611
  4,915
  5,231
  5,561
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  157
  119
  173
  228
  283
  336
  386
  430
  468
  499
  520
  534
  537
  532
  518
  496
  468
  433
  395
  354
  312
  270
  230
  192
  157
  126
  99
  76
  57
  42
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Healthcare Services Group, Inc. provides management, administrative and operating services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. The Company operates through two segments: housekeeping, laundry, linen and other services (Housekeeping), and dietary department services (Dietary). Its housekeeping service involves the management of a client's housekeeping department, which is responsible for the cleaning, disinfecting and sanitizing resident rooms and common areas of a client's facility. Its dietary services consist of managing the client's dietary department, which is responsible for food purchasing, meal preparation and providing professional dietitian services, including the development of menus that meet the dietary needs of residents.

FINANCIAL RATIOS  of  Healthcare Services Group (HCSG)

Valuation Ratios
P/E Ratio 49.9
Price to Sales 2.5
Price to Book 11.3
Price to Tangible Book
Price to Cash Flow 93.7
Price to Free Cash Flow 106.7
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 121
Management Effectiveness
Return On Assets 15.4%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 24.3%
Ret/ On T. Cap. - 3 Yr. Avg. 17.5%
Return On Equity 24.3%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 14.3%
Gross Margin - 3 Yr. Avg. 13%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 68.8%

HCSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCSG stock intrinsic value calculation we used $1563 million for the last fiscal year's total revenue generated by Healthcare Services Group. The default revenue input number comes from 2016 income statement of Healthcare Services Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HCSG stock valuation model: a) initial revenue growth rate of 24.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HCSG is calculated based on our internal credit rating of Healthcare Services Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Healthcare Services Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HCSG stock the variable cost ratio is equal to 77%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $248 million in the base year in the intrinsic value calculation for HCSG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Healthcare Services Group.

Corporate tax rate of 27% is the nominal tax rate for Healthcare Services Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HCSG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HCSG are equal to 1.8%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Healthcare Services Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HCSG is equal to 14.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $339 million for Healthcare Services Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 73.166 million for Healthcare Services Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Healthcare Services Group at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Stocks With Rising Relative Strength: Healthcare Services   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Healthcare Services Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Mariko Gordon Starts 5 New Positions in 3rd Quarter   [Nov-21-17 12:33PM  GuruFocus.com]
▶ Is It Too Late To Buy Healthcare Services Group Inc (HCSG)?   [Nov-06-17 05:12PM  Simply Wall St.]
▶ Healthcare Services misses Street 3Q forecasts   [Oct-17-17 04:15PM  Associated Press]
▶ New Strong Buy Stocks for August 11th   [Aug-11-17 06:51AM  Zacks]
▶ Healthcare Services tops Street 2Q forecasts   [Jul-11-17 09:25PM  Associated Press]
▶ Analyzing Healthcare Services Group's Steady Charge   [Apr-24-17 04:47PM  Investopedia]
▶ Healthcare Services beats 1Q profit forecasts   [Apr-11-17 04:26PM  Associated Press]
▶ Healthcare Services meets 4Q profit forecasts   [Feb-07-17 05:51PM  Associated Press]
Financial statements of HCSG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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